A multinational retail giant and DLT Labs recently launched a blockchain-based freight and payment network that is the largest of its kind in the world, according to reports. The permissioned system, a variant of Hyperleger Fabric, tracks deliveries, verifies transactions, and automates payments, invoicing and reconciliation among the retailer's Canadian division and its carriers. The solution incorporates IoT sensors and integrates with legacy systems. According to reports, the system could be used by more than 70 trucking companies that transport goods and deliver them to more than 400 stores.
The Blockchain in Transport Alliance (BiTA) recently announced that it is engaging in two proofs of concept. Both will involve the consortium's Standards Review Working Group to ensure alignment with other emerging, global blockchain standards. One of the projects will center on ports, with the Port of Miami, Florida Blockchain Foundation, U.S. Department of Agriculture, and other participants involved.
A major financial services firm has filed a patent application for a blockchain solution that improves auditing of automobile inventory used to finance car dealership loans. This revolving line of credit, known as floorplan lending, currently involves physical inspection and reconciliation across multiple parties' systems in order to track the cars that will serve as collateral for the loans. The firm said that it is piloting the application with dealership partners. While Bitcoin solved the crucial "double spend" problem for internet money, this system is reported to solve what is known as the "double flooring" problem, in which a dealership accidently pledges the same vehicle as collateral for floorplan contracts at two different banks.
In another recent patent filing, an American multinational technology conglomerate described how blockchain technology can be integrated with 5G telecommunication networks. According to reports, the invention uses a blockchain platform to manage data sessions between devices and a virtual network, creating a kind of blockchain interface between the network and equipment such as phones or laptops.
For more information, please refer to the following links:
- Walmart Canada and DLT Labs" launch world's largest full production blockchain solution for industrial application
- Walmart launches 'world's largest' blockchain-based freight-and-payment network
- BiTA announces involvement in 2 blockchain proof-of-concept projects
- JPMorgan Tests Private Blockchain to Track Auto Dealer Inventory
- Cisco Patent Would Secure 5G Networks With a Blockchain
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